The bailout is coming your way. The government wants you to buy a house.
The tax credit is only available if you have not owned in the last 3 years.
The tax credit is only available if you have not owned a home for at least 3 years The amount of the credit is the lesser of $8,000 or 10% of the buy price
If you owe less than $8,000 in taxes, the difference gets refunded to you The full amount of the credit is available to singles who make $75,000 or less, or couples who make $150,000 or less(tax credit phases out above those caps)
This tax credit is only excellent until December 2009
So if you buy a house before Dec 2009 this year, you could have $8,000 in taxes eliminated. If you owe less than $8,000 you will get the difference refunded. So if you owe $4,000 in taxes, you will eliminate the $4,000 + get a refund for $4,000! You could place this money in the bank as cash reserves or use it to help you in furnishing your new house or making improvements.
Additionally, the stimulus plot is raising the FHA and Fannie Mae and Freddi Mac loan limits back up to $729,000 in many parts of California. This means better interest rates and lower down payments for buyers in those higher price categories.
Give us a 858-922-7899 (direct)
Sr. Loan Officer and VA and FHA Loan Expert
858-922-7899 (direct)